Emefiele: CBN’s Tomato Policy Yielding Positive Results for Economy

El-Rufai lauds apex bank’s agric intervention scheme

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday said the multi-faceted commodity approach adopted by the bank in its landmark intervention programmes in agriculture, particularly tomato farming had yielded positive outcomes for the growth of the economy.

This is coming as Governor of Kaduna State, Mallam Nasir

El-rufai, has also commended the CBN for the various efforts it has so far undertaken to resuscitate key sectors of the economy.

He said the commodity champion model introduced in the first quarter of 2019, to stimulate production of tomato and strengthen the end-to-end linkages in the value chain from input supplies to the final consumer, had begun to yield results with the mobilisation and validation of about 140,848 farmers from various tomato farmers associations across 25 states of the federation.

Speaking at the official ground breaking ceremony of Tomato Jos Farming and Processing Limited in Kaduna State, which is owned by a US investor, the CBN governor noted that the strategy adopted by the apex bank was largely hinged on the twin approaches of out-grower contractual arrangement in the short to medium term, and backward integration in the medium to long term.

Nonetheless, the CBN governor, particularly lauded the interest and confidence which the company’s Managing Director, Mira Mehta had the country, adding that the investment was a testimony of the present administration’s ongoing efforts towards economic transformation as well as ensuring that Nigeria is able to achieve food security.

He said the US government could also be seen as playing a role in Buhari’s quest to ensure that Nigerians produce what they eat.

Describing the company as a symbolic project, he praised the ambassador for helping to promote foreign investment in the country by identifying with the company.